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      Oil Prices Decline Amid Unconfirmed US-Iran Ceasefire Report

      Oil prices fell in post-settlement trading following an unverified report from Russian agency RIA, which cited sources claiming a ceasefire agreement between the US and Iran that would allow free navigation through the Strait of Hormuz. This report has not been confirmed by Western media or Iranian state outlets, but it has contributed to downward pressure on oil prices throughout the trading session.

      In related developments, Secretary of State Marco Rubio reportedly informed allied foreign ministers that the US is shifting its strategy from military strikes to sanctions against Iran, attributing this change to reduced Iranian leverage over global oil flows due to naval blockade and mine clearance operations in the Strait of Hormuz. Additionally, the US has begun to return staff to Middle Eastern embassies that were evacuated during the Iran conflict, including posts in Lebanon, Israel, Saudi Arabia, and Baghdad.

      On the economic front, the Australian Consumer Price Index (CPI) for July exceeded expectations, with core inflation rising significantly, prompting speculation about a potential interest rate hike by the Reserve Bank of Australia at its upcoming meeting. The Australian dollar surged to a 12-week high in response, with market pricing for a rate increase jumping sharply. Meanwhile, Japan's Corporate Services Price Index also showed inflationary pressures, reinforcing expectations for a near-term rate hike by the Bank of Japan.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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